ATLANTA, GA - Dunross Capital announced the acquisition of Hairston Woods, a 240-unit multi-family apartment complex in Stone Mountain, Georgia. Located near Marta transportation, the property is situated on 20 park-like acres, is convenient to shopping malls, restaurants, parks as well as 14 miles from the Buckhead business district.
This is the firm's sixth property acquisition in Georgia over the past 14 months and expands its presence in the Atlanta-Metro area. The property partners include Sureste Partners, LP and Stonemark Housing Partners, and the total purchase price is $20,780,000 or $86,583/unit.
The strategic plan for Hairston Woods is to implement a comprehensive "value-add" upgrade package to better position the property to tenants in the strong growth market of Stone Mountain, Georgia. Plans to add a new fitness center, café, pool area, family parks and with Class A upgrades to apartment interiors, will position Hairston Woods as the premier multi-family property in the area.
"We continue to expand in the strong growth areas of Atlanta as well as Savannah and Augusta. Our goal is to provide our residents a first-class community with best in class property management. Dunross currently has four more properties under contract and I continue to believe in the state of Georgia as a solid place to invest time and money in multifamily properties," stated Michael Crow, CEO of Dunross Capital.